Mortgage Calculator & Closing Costs: Cedar Rapids, IA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Cedar Rapids, Iowa.
Median Home Price
$195K
Population
138K
Avg Monthly Rent
$1,020
Property Tax Rate
1.52% *
* Property tax shown is the Iowa state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Cedar Rapids.
Cedar Rapids vs Iowa Median
The median home price in Cedar Rapids is $195,000, which is 7% below the Iowa state median of $210,000.
Mortgage Calculator — Cedar Rapids, IA
Pre-filled with Cedar Rapids median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$1,676/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $247
Insurance: $150
PMI: $108
10% Down
$1,609/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $247
Insurance: $150
PMI: $102
20% Down (No PMI)
$1,383/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $247
Insurance: $150
Income needed (28% rule): $59K/year with 20% down, $69K/year with 10% down.
Rent vs Buy in Cedar Rapids
Rent
$1,020/mo
vs
Buy (10% down)
$1,609/mo
Price-to-rent ratio: 15.9 — A ratio between 15-20 means the rent vs buy decision in Cedar Rapids depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Cedar Rapids is $195,000, 7% below the Iowa state median of $210,000. With a population of 137,710, Cedar Rapids is a mid-size city where home prices tend to be more accessible than in many parts of Iowa.
Property taxes in Iowa average 1.52% annually. This higher-than-average tax rate means a $195,000 home in Cedar Rapids would carry roughly $247/month in property taxes alone — plan accordingly. Homeowners insurance in Iowa runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Cedar Rapids is $1,020/month. The price-to-rent ratio in Cedar Rapids is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Cedar Rapids offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Iowa's IFA FirstHome program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Cedar Rapids.